Marvell to Buy Lumentum in $115 Billion All-Stock Deal

07:38 AM EST, 11/02/2026 (MT Newswires) -- Marvell (MRVL) said Monday it agreed to acquire Lumentum (LITE) in an all-stock transaction, offering 4.5 Marvell shares for each Lumentum share in a deal valuing the company at about $115 billion. The exchange ratio represents a 23.9% premium to Lumentum's Oct. 28 closing price, with Lumentum holders set to own about 33% of the combined company and Marvell investors about 67%, the company said. The deal is expected to close in H1 2028, generate over $1 billion in annual cost savings and boost Marvell's per-share earnings in the first year, Marvell said. Matt Murphy will lead the combined company, and three Lumentum directors, including CEO Michael Hurlston, will join Marvell's board, it said. Shares of Lumentum were up more than 2% in Monday premarket activity.